Is It Cheaper to Rent or to Own a Home?

The demand for residential rental properties have increased significantly over the past six years, causing the price of rents to skyrocket. With rents continuing to rise and mortgage rates still at an all-time low, it may be time to consider that home ownership may be a better option for you.

If you have been renting, it’s time to ask yourself, “Is it cheaper to rent or buy?”

A 2015 Harvard housing study revealed that an alarming number of renters paid 30% or more of their income for rent even though their salaries remained the same. The study further pointed out that 49% of renting households are cost-burdened, meaning that they struggle to pay their other bills because of high cost of rents, and 26% of renters are severely cost-burned.

The worst part is that these statistics are already old news, chances are if you are currently renting you are probably paying closer to 40% or more of your salary towards your rent and struggling to pay your other bills.

In the Metro-Atlanta housing market, affordable rentals are hard to come by and new construction for rentals are hard to find. As a result, rents continue to rise and renters are becoming frustrated in the process of finding affordable rental housing.

Why Rent When You Can Own?

If you are a renter and first-time home buyer, you may be wondering whether or not you will qualify for a loan or have enough money for a down payment. It might surprise you that you may have already saved up enough and if you haven’t it may not take as long as you think.

Don’t get caught in the rental trap and don’t let your fear of finding out keep you from owning your dream home!

If you are burdened by high rent, why not put that investment into something you can own and call your own? Homeownership may be more accessible than you think.

A real estate professional can connect you with mortgage lenders who can help guide you and provide you with options. Why rent when you can own?